20,000 financial services jobs to be axed by end of quarter

The speed at which the UK’s financial services sector is shedding jobs will accelerate over the next quarter due to growing concerns about the escalating Eurozone crisis and the state of the global economy. According to a survey undertaken by employers lobby group the CBI and auditors PricewaterhouseCoopers, UK banks, insurance firms and asset management houses look set to axe a further 11,000 positions in the first three months of this year, up from 9,000 in the final quarter of last year. The cull will take the total number of jobs lost within the sector since the collapse of Lehman Brothers during the fourth quarter of 2008 to 101,000. The industry employs about 1.05 million people... read more

HR Zone
Jan 12